Just curious, how many of you are going to be sitting out Monday? I'll be profit taking pre-market half of my positions and seeing where the market goes. Watched this: http://broadcast.ino.com/education/what_now_sp500/?campaignid=3 , seems fairly feasible to at least experience a brief pullback if 850 can't be beaten.
I share only half of your optimism-- the positions I'm swing trading in (URE/F/UYM/WFC) are all really overbought, so I guess I have a bias to profit take, but at the same time I think tomorrow will be a really decisive day as the S&P tests 850
When it drops it'll probably drop big. But hard to say when. Could be the middle of this week or early next week. Most likely some sort of news/event will be trigger.
I vote for EITHER since for the most part, I don't care which way the market moves as long as it moves.
Video aside, just knowing there was a 20%+ move last month suggests a pullback of some noticeable degree sometime soon. Add in the s/r levels and the SPX heading "back into the box" at a 68% fib retrace (as shown in the video) only futher tells me to be prepared for a drop sometime soon. That said, as long as the market moves, I'll trade it up or down via the futures, and my long-only equity stuff is appropriately hedged. But it all comes down to trading the market we see, not the one we hope for.
With earnings coming out in full force starting this week, unemployment at a record 25-year high, with a 20 %+ run-up of late, and North Korea firing off their missiles, I think it's a great time to take some profit.
Do the PBs usually take place when everyone is expecting one? It should be a fun day, we're at the daily down trendline on ES.
Dow down almost 100 points in premarket, I got out but I'm looking for some nice dips to buy back in @! Should be a great day. Have fun guys.
Since the market is a reflection of mob psychology, the chances of a self-fulfilling prophecy are pretty good.